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It’s time to close the gender gap when it comes to pensions

Women’s retirement savings are a third of the size of men’s, and it’s time to take action. We outline what you should know

Annabelle Williams

March 10 2018, 12:01am, The Times

Playing catch-up: The average man has a pension pot of £73,000 compared with £24,900 for the average womanGETTY IMAGES

Women’s wages have been high up the news agenda thanks to International Women’s Day and the publication of gender pay gap data by big companies. However, this is not the only source of income inequality. Women’s retirement savings also lag behind those of men.

How large is the gender pay gap?The gender pay gap is 9 per cent in favour of men, according to the Office for National Statistics (ONS).

It says there is no explanation for the discrepancy and that most of the higher wages enjoyed by men cannot be explained. Only a small part of their pay premium can be justified by the different jobs men and women do or the characteristics of each gender in the workplace — such as average age, length…

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